ITR-3 is a new form introduced this year by the income tax department and substitute of old ITR-4 form which is to be used by individuals and HUFs for filing income tax returns.
Eligibility for ITR-3 Form:
This income tax return form is used by HUFs and individuals which come under these following categories:
- Partnership in a firm.
- Income by a means of interest, salary, bonus, remuneration, commission as a partner.
- Income through Profits or Gains of business or profession.
Structure of ITR-3 Form:
Part-A: General Information
Part-A-BS: Balance Sheet as on 31st day of March,2017 of the proprietory business or profession.
Part-A-P & L: Profit and Loss Account for the financial year 2016-17
Part-A-OI: Other Information
Part-A-QD: Quantitative Details
Part-B-TI: Computation of Total Income
Part-B-TTI: Computation of tax liability on total income.
SCHEDULES OF THE RETURN FORM:
Schedule S: Details of Income from Salary
Schedule HP: Details of Income from house property
Schedule BP: Details of Income from business or profession.
Schedule DPM: Depreciation of plant and Machinery
Schedule DOA: Depreciation on other assets.
Schedule DEP: Summary of depreciation on assets.
Schedule DCG: Deemed Capital gains on sale of depreciable assets
Schedule ESR: Deduction under Section 35 or 35CCC or 35CCD
Schedule CG: Capital Gains
Schedule OS: Income from other sources.
Schedule CYLA: Details of income after set-off of current years losses
Schedule BFLA: Details of income after set-off of brought Forward losses of earlier years.
Schedule CFL: Details of losses to be carried forward to future years.
Schedule UD: Unabsorbed depreciation and allowance under section 35(4)
Schedule ICDS: Effect of income computation Disclosure standards on profit.
Schedule 10A: Deduction under Section 10A
Schedule 10AA: Deduction under Section 10AA
Section 80G: Details of donations entitled for deduction under Section 80G.
Schedule 80-IC or 80-IE
Schedule AMT: (Computation of Alternate Minimum Tax payable under section 115JC)
Schedule AMTC: (Computation of tax credit under Section 115JD)
Schedule SI: (Income chargeable to tax at special rates)
Schedule IF: (Information regarding partnership firms in which you are partner
Schedule EI: Details of Exempt Income
Schedule PTI: Pass through income details from business trust or investment fund as per section 115UA,115UB
Schedule FSI: Details of income from outside India or tax relief
Schedule TR: Summary of tax relief claimed for taxes paid outside India
Schedule FA: Details of foreign assets from any source outside India
Schedule AL: Asset and Liability at the end of the year (other than those included in Part-A-BS) (applicable in a case where total income exceeds Rs.50 lakh)